Optimism and banks lift markets to new highs
Markets were as hot as the weather Wednesday as general optimism and, in Canada, strong bank earings, lifted the indices to new all-time highs. The Nasdaq inched up 0.15% and the S&P 0.22% to 4,496 while the TSX climbed 0.19% to close at a record 20,587. The Dow fell short of reaching a new high, but advanced 0.11%. In Toronto, Canada’s biggest bank announced a Q3 revenue beat and rallied 0.83% to a record high.
Other banks also enjoyed an upward move as the Bank of Nova Scotia rose 1.29%. Even though National Bank topped Q3 growth in all categories, shares slipped 0.55%. What all the banks have in common is that loan loss provisions were overestimated while loan growth is climbing. Materials lagged, such as Gran Colombia Gold down 3.84%, but most of the major sectors closed in the green. Polaris Infrastructure and Canaccord Genuity both surged 5% while forestry names enjoyed a bounce, such as West Fraser Timber up 3.26%.
On Wall Street, financials, energy and industrials rallied. Notable winners: American Express jumping 3%, JPMorgan 2%, Ulta Beauty 4.29% and Deere 2.28%. Heading down were steelmaker Nucor at -2.67%, and the Gap at -5.31%. Oil continued its revival as WTI rose to $68 per barrel, and WCS jumped $1 per barrel past $55. Gold held around $1,790 an ounce while Bitcoin also was steady, around $48,760.
🏛 Bank of Nova Scotia +1.29%
🏛 National Bank of Canada -0.55%
🥇 Gran Colombia Gold Corp. -3.84%
♻ Polaris Infrastructure +5%
🏛 Canaccord Financial Inc +5%
🌲 West Fraser Timber +3.26%
💳 American Express +3%
🏛 JP Morgan Chase & Co +2%
💄 Ulta Salon Cosmetics and Fragrance Inc. +4.29%
🦌 Deere & Co. +2.28%
⛏ Nucor Corp. -2.67%
🧢 Gap -5.31%